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Children's Savings Account

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Pros and Cons

Pros:
  • Has branch access
  • Has no ongoing fees
  • Has no minimum balances
Cons:
  • Must satisfy conditions

Features

Fees

Bankwest offers several savings account options. The TeleNet Saver pays bonus interest for the first four months and requires a linked Bankwest transaction account. The Smart eSaver pays 0.01 per cent standard interest but bonus interest for every month you make no withdrawals. It also requires a linked Bankwest transaction account. The Children’s Savings Account is open to children under 15 years and pays different tiers of interest, depending on your balance. The Student Account has no monthly fees but pays a maximum of 0.05 per cent interest. Bankwest is owned by the Commonwealth Bank.

FAQs

The process of opening a savings account for your child is broadly similar to opening one for yourself. If your child is under a certain maximum age (often 13-15, depending on the bank), you as the parent will have some joint ownership of the account.

Children over the maximum age will need to open their own standard bank account, though you may still need to provide some assistance, such as ID.

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